cash distribution plan for the APB Partnership Accounting Assignment
cash distribution plan for the APB Partnership Accounting Assignment
Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows:
|
Assets |
Liabilities and Equities |
|||
|
Cash |
40,000 |
Liabilities |
50,000 |
|
|
Adam, Loan |
10,000 |
Adams, Capital |
55,000 |
|
|
Other Assets |
200,000 |
Peters, Capital |
75,000 |
|
|
Blake, Capital |
70,000 |
|||
|
Total Assets |
250,000 |
Total Liabilities & Equities |
250,000 |
Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business
Required:
Prepare a cash distribution plan for the APB Partnership
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